St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1887-06-03

Art. 1.-THE general purposes of said cor
poration and the general nature of its bust
ness shall be the accumulation of funds by
the contributions of its members, to be loaned
to such members as desire the same, upon
such terms and in such manner as the by
laws may hereafter provide; also the pur-
chase, holding and sale OF real estate taken
on forfeiture, foreclosure or otherwise, and
in which said society may have any interest,
and any other business naturally pertaining
to its principal object as aforesaid.
The principal place of business of said
society shall be in the city of st. Paul, in said
county and state.
Art. III-The said society shall commence
on the 18th day of June, A. d. 1887, and con-
time for thirty years, and the first monthly
meeting of said society shall be held at
Rooms 70 and rs Globe building, St. Paul,
on Saturday evening, June Is, 1887, at half
past seven O'Clock.
Art. IV1The amount of capital stock of
said society shall be one million Isl ,00O, 000l
dollars divided into one hundred thousand
shares of ten $40 dollars each, TO be paidsin
monthly installments of five 90 cents per
share at such times and under such regula-
tons as the bylaws may direct but said
society may go into operation and transact
business whenever ten thousand 100000
shares of stock shall have been subscribed for
and taken.
Stock may be forfeited for neglect or re-
fusal on the part of the holder thereof to pay
any installments, assessments, dues, interest,
liable i'll such manner as prescribed by the
bylaws.
The board of directors shall have power to
issue said shares from time to time, as they
may decide by resolution hereafter and shall
have power, in their discretion, to retire the
unpledged shares of any series of stock of
this society at any time after the first year
from the date of the issue of said stock, and
enforce the same in such manner as may be
prescribed by the bylaws.
Art. V.-The highest amount of indebted
ness or liability which said society shall at
any time incur is thirty thousand (S30,O0O)
dollars, but for the purpose of reoeeming its
capital stock it may be increased to fifty
thousand (S50,O0O) dollars.
The directors of said society are hereby au-
thorized and empowered, in their discretion,
to borrow money for the purpose OF loaning
to the members of said society at any time,
provided the said liabilities shall not at any
time exceed thirty thousand (S30,000) dol
lars. except for the purpose of redeeming its
capital stock as aforesaid.
Art. VI.-The names and places of resi-
dence of the persons forming said corpora
ton are as follows VIZ: Hermann Scheffer.
siding at st. Paul, Mimi; Charles Kittel-
son, residing at st. Paul, Mimi. &c. II. Lienau,
residing at St Paul. Mimi: O. e. Holman,
residing at st. Paul, Mimi; Edward r. Bry
ant, residing at ST. Paul. Minn. Henry
Weber. residing at st. Paul, Mimi; William
Berlandi, residing at st. Paul, Mimi; Joseph
Minea, residing at st. Paul, Mimi; Gilbert
u. IL. Il. t.
Marvin, residing at ST. Paul. Mimi; John
Fisher, residing at st. Paul, Mimi; j. o. Yer
yais, residing at st. Paul, Mimi; Edward
Berreau, residing at st. Paul, Mimi; Paul
E. Pierce, residing at st. Paul, Mimi; W. C.
Bryant, residing at ST. Paul, Mimi; z.
Giesen, residing at st. Paul, MINI.
Art. FH.-The officers of said corpora
ton shall be president, vice president, sec
rotary, treasurer, and attorney, and ten (10)
directors, all of whom shall be stockholders.
The president, vice president and ten d.
rectors shall be elected by the stockholders
by ballot annually. on the third Saturday in
June in each year after the year 1887
The board of directors shall, at their first
directors meeting in June in each year, after
the year 1887, elect secretary, treasurer and
attorney. The said officers and directors
shall each hold his Office for one year from
June until June following, and until his sue
cessor is elected and has qualified and ac-
cepted his Office.
The president, vice president, secretary
treasurer and attorney and ten directors shall
form board of directors for the transaction
and arrangement of the affairs of said corpo-
ration. and shall have full power to adopt all
rules and regulations and pass bylaws de-
filming the duties of officers of said society,
for the imposing of reasonable fines, assess
ments and dues upon its members, regulating
the subscriptions, the issuance, transfer and
retiring of stock, and management and in
vestment of its funds and loans to the mem
essary to carry out the objects of this corpo-
ration and not inconsistent with the articles
of incorporation. Until said officers shall be
elected the following named persons shall
act as the first board of directors: Charles
Kittelson. c. Il. Lienau, o. E. Holman, Ed
ward r. Bryant, Henry Weber, William Ber-
landi Joseph Minea, Gilbert Donaldson. R.
f. Marvin, John Fisher, j. O. Vervais, Ed
ward Berreau, Paul Martin, Charles E. Pierce
and w. C. Bryant: and until said election the
following persons shall be officers of said
corporation: Paul Martin. president; j. o.
Vervais, vice president; Edward r. Bryant,
secretary; Charles Kittelson, treasurer; o. E.
Holman, attorney. The first regular election
of president, vice president and directors
shall be ON the third Saturday in June, 1888.
All vacancies in any office shall be filed by
the directors at any meeting thereof, regular
or special.
Art. VIILThe number and amount of
shares in the capital stock shall be one hun
bred thousand (lo0,000) of ten (SI0) dollars
each. The stockholders of said society shall
consist of persons of twenty-on years of age
and upwards, any person, copartnershlp, COM
pany, Or corporation, capable by law of con-
tracing, except building societies or associa-
tons of q like nature to this, may hold stock
in this society, minors and others may hold
stock by guardian or trustee, but none save
persons upwards of twenty-one years shall be
allowed to vote. No person shall become a
stakeholder who has not previously obligated
himself to said society in writing, that he will
ments or assessments ON the shares of
stock for which he may subscribe, and all
fines, dues, interest, and premiums OH loans as
he may become liable for them and that he
will comply with the constitution and bylaws
of said society and all amendments thereto.
Every stakeholder shall be entitled to one
vote only, irrespective of the number of shares
he may hold, and such vote cannot be cast by
proxy, nor shall any stockholder be entitled
to vote unless he has been such stockholder
for at least sixty days Immediately preceding
such election. Any member of said corpora
ton may be allowed to withdraw therefrom
upon such time and in such manner as may
be prescribed by the bylaws.
Art. IX-The funds accumulated by said
society shall be loaned out TO its members in
such sums, upon such security, upon such
terms, and in such manner as may be pre-
scribed by the bylaws.
Art. X-When, at any time within thirty
years, each share of the capital stock of this
corporation, of any series thereof shall
become worth par or ten $50 dollars,
every holder of said stock, who has not
share thereof, said sum of ten $50 dollars,
less any sum he may then owe said corpor-
alton. and the said series of stock shall de-
termine. The board of directors shall there
mortgages given to secure loans upon stock
of said maturing series, provided the con-
ditions of said mortgages have been fully
complied with, and they shall also return to
the mortgagors all papers connected with
such loans.
Art XI-The board of directors of said So
ciety shall have power in their discreeson to
issue or to withhold the stock thereof, and
said stock may be issued in annual or semi
annual series.
Art XII-The annual meeting of the stock
holders shall be held on the third Saturday
in June in each year commencing in the
year A. d. 1883, to elect a president, vice
president and ten directors for the ensuing
year,and to transact any other business of said
society, besides any other stated meetings
may be held at such times and places as may
be prescribed by the bylaws. Special meet
ings may be called in such manner as may be
prescribed by the bylaws.
In witness whereof we have hereunto SCI
our hands and seals this 1st day of June, A
D., 1887.
HERMANN sCHEFFER, [seal.,